USDJPY has extended lower on Monday, reaching a low of 97.62 in the Asian session, where the pair found support during the European Session. This support level is the 50% Fibonacci level of the move from 93.78 on June 9 to 101.52 on July 7 on the weekly chart.
On the Daily chart, prices have reached the bottom of the Kumo, likely to find support at the Senkou Span A of the cloud level at 97.45.
On the hourly chart there is a downtrend line from the July 25 high of 100.44 down to today’s low of 97.62, with prices bouncing off this line and keeping a downward bias. Prices also remain below the Tenkan sen and Kijun sen, indicating bearishness.
Stochastic readings are within the oversold region at 20. RSI is at 30. Currently there is congestion at the 50% Fibonacci level at 97.62, indicating this is a key support area. Any daily close below could target the lower 97’s.
USDJPY has extended lower on Monday, reaching a low of 97.62 in the Asian session, where the pair found support during the European Session. This support level is the 50% Fibonacci level of the move from 93.78 on June 9 to 101.52 on July 7 on the weekly chart.
On the Daily chart, prices have reached the bottom of the Kumo, likely to find support at the Senkou Span A of the cloud level at 97.45.
On the hourly chart there is a downtrend line from the July 25 high of 100.44 down to today’s low of 97.62, with prices bouncing off this line and keeping a downward bias. Prices also remain below the Tenkan sen and Kijun sen, indicating bearishness.
Stochastic readings are within the oversold region at 20. RSI is at 30.
Currently there is congestion at the 50% Fibonacci level at 97.62, indicating this is a key support area. Any daily close below could target the lower 97’s.
USDJPY Hourly chart
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